Booming Romanian economy boosts value of UK property company by 25 per cent

Fabian Romania, the AIM listed property company that invests in the Bucharest and Romanian real estate market, is reporting a 25 per cent rise in its net asset value for the full year to December 31 2007 over the previous 12 months.

Fabian generates total returns for shareholders through a portfolio of income-producing buildings, co-development projects and land investments.

The net asset value per share at the end of 2007 was €1.700, an increase of 25.37 per cent for the full year and a 5.79 per cent increase over the third quarter.

The developers profit net asset value (DPNAV) has also grown strongly, up 43 per cent on the previous 12 months.

The company reports only “limited impact” from the sub-prime lending crisis in the United States.

Mark Holdsworth, director of Fabian Romania Ltd, said: “The further East one goes into Europe, the less impact the credit crunch is having.

“In the fourth quarter ongoing growth in office rents and continued residential house price inflation on the back of double digit growth in real disposable incomes, have proven the drivers for an outstanding year for Fabian.”

Mr Holdsworth said the growth in DPNAV was particularly significant. “This is a leading indicator of the positive direction that net asset values will move in and something else for investors to welcome.”

Notes to editors:

Fabian Romania was originally listed on the Bermuda stock exchange in June 2005 at € 1 a share and it subsequently raised €21 million. The company raised a further €40 million through a listing on AIM in December 2006 at €1.35 a share.